3M TodayMMM3M$166.56 +11.78 (+7.61%) 52-Week Range$121.98▼$166.82Dividend Yield1.75%P/E Ratio23.17Price Target$166.78Add to Watchlist3M’s NYSE: MMM Q3 report says the stock price is heading higher because its business recovery is in full swing. The results reveal that the business has moved past its legacy issues, including those related to forever chemicals, and is on track to sustain profitable growth over time. Among the critical details is the company’s cash flow, free cash flow, and capacity for capit ...

Core Viewpoint - ON Semiconductor's recent financial results indicate a contraction in revenue but suggest that the bottom of the business cycle has been reached, with expectations for recovery and sequential growth moving forward [1][4][7]. Financial Performance - For FQ2, ON Semiconductor reported revenue of $1.47 billion, a year-over-year contraction of 15.5%, but slightly better than expected and showing sequential growth [4][6]. - The company generated $106.1 million in free cash flow and reported adjusted earnings of $0.53 [7]. Segment Performance - Improvement was noted across all segments, particularly in the Power Solutions Group (PSG), which grew by 2% year-over-year. The Analog and Mixed-Signal Group (AMG) and Intelligent Sensing Group (ISG) showed signs of improvement, with AMG down only 2% and ISG's contraction slowing to 8% [5]. Margin and Cash Flow - Margins contracted significantly due to business deleveraging, but the company continues to generate sufficient cash flow to support its turnaround and financial health [6][10]. - The long-term debt stands at $3.3 billion, with a healthy balance sheet characterized by ample cash and low leverage [10]. Stock Performance and Forecast - The current stock price is $47.97, with a 12-month price target of $56.13, indicating a potential upside of 17% [10]. - Analysts maintain a Hold rating with a bullish bias, suggesting a fair value for the stock and potential for a 15% to 35% increase by year-end [12]. Institutional Confidence - Institutional investors, owning over 97% of the stock, have reverted to buying shares, indicating confidence in the company's ability to sustain its stock price and potentially reverse its trend [11].